Podcast
Questions and Answers
What is the primary sector of the economy primarily involved in?
What is the primary sector of the economy primarily involved in?
- Extracting natural resources (correct)
- Selling finished products
- Providing knowledge-based services
- Manufacturing finished products
Which sector focuses on research and development?
Which sector focuses on research and development?
- Quinary sector
- Quaternary sector (correct)
- Secondary sector
- Tertiary sector
What is the process approach represented by the SIPOC diagram?
What is the process approach represented by the SIPOC diagram?
- OUTPUT >>> PROCESS >>> INPUT
- INPUT >>> OUTPUT >>> PROCESS
- PROCESS >>> OUTPUT >>> INPUT
- INPUT >>> PROCESS >>> OUTPUT (correct)
What adds value to the business according to the text?
What adds value to the business according to the text?
What is management defined as in the text?
What is management defined as in the text?
Flashcards
Primary Sector
Primary Sector
The sector of the economy focused on extracting raw materials from the earth, such as mining, farming, and fishing.
Secondary Sector
Secondary Sector
The sector of the economy that transforms raw materials into finished products, such as manufacturing, construction, and food processing.
Tertiary Sector
Tertiary Sector
The sector of the economy that provides services, such as retail, healthcare, and education.
Quaternary Sector
Quaternary Sector
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Value Creation
Value Creation
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Study Notes
Economic Sectors
- The primary sector of the economy is primarily involved in extracting or harvesting natural resources, such as agriculture, mining, and forestry.
Research and Development
- The sector that focuses on research and development is the tertiary sector.
SIPOC Diagram
- The SIPOC diagram represents the process approach, which is a methodology that identifies the Suppliers, Inputs, Process, Outputs, and Customers involved in a process.
Value Addition
- According to the text, it is the process that adds value to the business.
Management Definition
- Management is defined as the process of planning, organizing, and supervising to achieve organizational goals.
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Description
Test your knowledge of the organizational process and value addition in business with this quiz on SIPOC diagrams. Assess your understanding of transforming raw materials into a valuable product or service and the input processes involved in creating value within a business.
